Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) covers the period of December 2015. The report serves to disclose a corporate action regarding the adjustment of conversion prices for two outstanding senior unsecured convertible notes, triggered by a dividend declaration.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or liquidity metrics. It focuses exclusively on debt instrument terms:
- Dividend Declaration: USD 0.45 per share (shares trading ex-dividend as of December 8, 2015).
- Convertible Note 1: USD 350,000,000 issue amount; 3.25% coupon; Maturity February 1, 2018; Adjusted Conversion Price USD 16.7778.
- Convertible Note 2: USD 125,000,000 issue amount; 3.75% coupon; Maturity February 10, 2016; Adjusted Conversion Price USD 16.61.
Material Changes
The primary material change is the downward adjustment of conversion prices for both outstanding convertible notes. This adjustment was executed pursuant to loan agreements following the declaration of the USD 0.45 per share dividend. The filing text does not provide comparative financial data against prior periods.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general business risks. The only contingency noted is that the adjusted conversion prices are subject to consent by the trustee.
Investor Verification Checklist
- Verify the final consent of the trustee regarding the adjusted conversion prices of USD 16.7778 and USD 16.61.
- Confirm the ex-dividend trading status of the shares as of December 8, 2015.
- Review the specific loan agreements to understand the mechanics of future conversion price adjustments.
- Note the maturity date of the USD 125 million note (February 10, 2016) relative to the filing date.